Economic Data Overview - In July 2025, the industrial added value for large-scale enterprises grew by 5.7% year-on-year, below the expected 6.0% and previous value of 6.8%[1] - The total retail sales of consumer goods increased by 3.7% year-on-year, compared to an expected 4.6% and a prior value of 4.8%[1] - Fixed asset investment showed a cumulative year-on-year growth of 1.6%, lower than the expected 2.7% and previous 2.8%[1] Industrial Production Insights - The industrial production growth rate slowed due to "anti-involution" and extreme weather, aligning with seasonal patterns[2] - The electrical machinery and electronic equipment sectors maintained double-digit growth despite a decline, while the automotive sector saw significant downturns[2] - Service sector production index showed resilience with a year-on-year growth rate of 5.8%, slightly down from June[2] Consumer Trends - The year-on-year growth rate of retail sales declined due to demand front-loading and reduced subsidy impacts, particularly in automotive consumption[3] - Restaurant consumption saw a slight recovery, but overall levels remained low, while travel-related services benefited from summer travel[3] - Future consumption growth is expected to stabilize unless stronger supportive policies are introduced[3] Investment Challenges - Fixed asset investment growth has declined for four consecutive months, with manufacturing investment dropping by 5.4 percentage points to -0.3% year-on-year[4] - Infrastructure investment growth fell by 7.3 percentage points to -2.0% year-on-year, affected by high base effects and adverse weather[4] - Despite current challenges, infrastructure investment is anticipated to rebound in the third quarter with accelerated issuance of special bonds[4] Real Estate Sector Analysis - Real estate investment saw an expanded year-on-year decline of 4.1 percentage points to -17.0%, with both construction and completion phases experiencing downturns[5] - Sales continue to be constrained by demand limitations, despite policy relaxations in major cities[5] - The sector remains in a bottoming phase, with future recovery dependent on effective supply-side policies[5]

Economic Overview - In July, the total retail sales of consumer goods reached 38,780 billion yuan, with a year-on-year growth of 3.7% and a month-on-month decline of 0.14% [1] - From January to July, fixed asset investment (excluding rural households) totaled 288,229 billion yuan, showing a year-on-year increase of 1.6% [3][10] - The growth rate of fixed asset investment, excluding real estate development, was 5.3% [10] Consumption Trends - The year-on-year growth rate of retail sales in July decreased by 1.1 percentage points compared to the previous month, primarily due to a slowdown in the sales growth of goods [7] - The sales of goods in July amounted to 34,276 billion yuan, with a growth of 4.0%, which is a 1.3 percentage point decrease from the previous month [7] - The decline in consumption growth was attributed to temporary suspensions of the "old-for-new" policy in some regions and ongoing challenges in the real estate market [8] Investment Insights - Infrastructure investment grew by 3.2% year-on-year, while manufacturing investment increased by 6.2%. However, real estate development investment saw a significant decline of 12.0% [10] - The sales area of newly built commercial housing decreased by 4.0% year-on-year, and the sales amount fell by 6.5% [10] - The investment growth rate in the manufacturing sector has been declining since the second quarter, influenced by external environment fluctuations and internal policy changes [11] Future Outlook - The potential for recovery in consumption is anticipated with the reintroduction of the "old-for-new" policy and new subsidies for personal consumption loans [13] - Fixed asset investment is expected to maintain a growth rate of around 6.0% in the second half of the year, supported by the issuance of special bonds for local government projects [14] - Overall, the economic policy is expected to remain stable, focusing on service consumption and risk prevention, with a high probability of achieving a growth target of 5.0% [15]

Economic Performance - Dalian's GDP for the first half of the year reached 464.7 billion yuan, with a year-on-year growth of 6.0%, surpassing the national average by 0.7 percentage points [1] - The city's industrial production continued to be a stabilizing force, with the industrial added value of large-scale enterprises increasing by 12.5% year-on-year, an improvement of 7.8 percentage points from the previous year [1] - Key industries such as equipment manufacturing grew by 16.9%, with the railway and shipbuilding sector experiencing a significant increase of 52.3% [1] - High-tech manufacturing also showed robust growth, with a year-on-year increase of 20.1% [1] Investment and Revenue - Dalian's fixed asset investment grew by 1.2% year-on-year, while manufacturing investment saw a notable increase of 12.8% [1] - The general public budget revenue for the first half of the year was 42.12 billion yuan, reflecting a year-on-year growth of 0.3% [1] - Per capita disposable income for residents reached 26,739 yuan, marking a year-on-year increase of 4.2% [1] Energy Consumption - Total electricity consumption in Dalian was 24.46 billion kilowatt-hours, with a year-on-year growth of 2.7%, which is an increase of 2.2 percentage points compared to the first quarter [1] Tourism Sector - Dalian's cultural and tourism sector continued to thrive, with domestic tourist arrivals and tourism revenue increasing by 18.04% and 20.01% year-on-year, respectively [2]

Economic Performance Overview - The city's industrial output value from January to May reached 1,906.11 billion yuan, with a year-on-year growth of 4.7% [1] - The added value of the city's industrial sector grew by 8.1% year-on-year [1] - Among 35 industrial sectors, 24 reported year-on-year growth, resulting in a growth coverage of 68.6% [1] Industrial Sector Insights - The computer, communication, and other electronic equipment manufacturing sectors saw output growth of 7.6%, while electrical machinery and equipment manufacturing grew by 6.7% [1] - High-tech industries within the industrial sector achieved a year-on-year output growth of 7.1%, accounting for 56.2% of the total industrial output, an increase of 1.9 percentage points year-on-year [1] Service Sector Performance - The city's service sector generated operating income of 200.38 billion yuan from January to April, reflecting a year-on-year increase of 8.6% [1] - The leasing and business services sector experienced a 12.3% increase in operating income, while transportation, storage, and postal services grew by 12.0% [1] Investment Trends - Fixed asset investment in the city totaled 262.0 billion yuan from January to May, with a slight year-on-year increase of 0.1% [2] - Industrial investment reached 92.03 billion yuan, marking a significant year-on-year growth of 16.1% and accounting for 35.1% of total fixed asset investment, an increase of 4.8 percentage points [2] - Infrastructure investment grew by 10.1% year-on-year, and investment in high-tech industries rose by 10.8% [2] Consumer Market Dynamics - The total retail sales of consumer goods in the city amounted to 385.27 billion yuan from January to May, with a year-on-year growth of 4.2% [2] - Retail sales of household appliances and audio equipment surged by 22.8%, while computer and related products saw a remarkable increase of 240.2% [2] - Online retail sales through the wholesale and retail sector increased by 15.0% year-on-year, contributing 2.0 percentage points to the overall growth of retail sales [2] Trade Performance - The total import and export value reached 1,076.145 billion yuan from January to May, reflecting a year-on-year growth of 6.2% [2] - Exports totaled 679.543 billion yuan, growing by 8.6%, while imports reached 396.602 billion yuan, with a growth of 2.3% [2] - General trade exports increased by 15.4%, accounting for 46.6% of total exports, an increase of 3 percentage points year-on-year [2] - Exports to emerging markets, including ASEAN and Africa, grew by 46.2% and 36.1% respectively [2] Financial Sector Overview - By the end of May, the balance of deposits in financial institutions reached 56,845.4 billion yuan, with a year-on-year growth of 5.1% [3] - The balance of loans in financial institutions was 59,143.9 billion yuan, reflecting a year-on-year increase of 6.8% [3] Consumer Price Index - The overall consumer price level in the city decreased by 0.9% year-on-year from January to May, with a decline of 1.0% in May [3] - Among eight categories of goods and services, two categories saw price increases while six experienced price declines [3]